The Paskin Group, a Santa Barbara-based real estate outfit, announced recently that it closed its fourth deal in 12 months, acquiring a total of $74 million in assets during the period.
Paskin’s portfolio, which consists of both commercial and multifamily residential properties, has expanded to 1.5 million square feet as a result of the deals.
During the year-long period, the company added 430,000 square feet of space and 522 apartment units to its portfolio. Now the company is planning to redevelop one of its recently acquired properties at the corner of Cota and Chapala streets downtown.
“We identified an off-market opportunity to purchase two well-located properties in a very desirable area of downtown Santa Barbara, just one block from the main retail corridor,” Michael Paskin, president and CEO of The Paskin Group, said in a statement. “Both properties have an interesting history, but had been neglected over the years by the previous owner. Although our plans are not definitive at this point as to the future of these locations, we’re excited to play a part in the revitalization and beautification of this busy Santa Barbara corner.”
One of the two properties is at 25 W. Cota, a historic industrial building that was once the home of Hendry Brothers Blacksmith and Welding Shop. The building is listed as a potentially historic site with the city.
Paskin has enlisted Santa Barbara-based architects DMHA, designers of La Cumbre Plaza, Cabrillo Business Park and The Loop in Isla Vista, to convert the building into new office space. A new second and third story, along with a roof top deck, are part of the proposed changes.
The second building at 530 Chapala, also once home to the potentially historic Dal Pozzo’s Tire Corp., is also part of the project. The proposed improvements for the building include reconfiguring the parking lot for 11 spaces and installing new landscaping, preserving the existing building and adding a second story. No more than 3,000 additional square feet are proposed for both buildings.
The projects still require an environmental assessment and only recently had their first concept review with the Historic Landmarks Commission.
The properties consist of more than 14,000 square feet of commercial space and 20,000 square feet of land.
“It has been an exciting year for our company to say the least,” Paskin said in a statement. “Market conditions have allowed us to make some very favorable exits for our investors and have also helped create attractive, long-term investment opportunities for us. We’re looking forward to further growth in both our apartment and industrial portfolios in the third and fourth quarters of this year.”
Paskin’s portfolio includes properties in Texas, Nevada, Colorado and throughout California.
Deals of the week
• One of Santa Barbara’s longest standing philanthropic organizations is planning to consolidate its nonprofit thrift store operations to its space on Sola Street.
Unity recently put its 13,000-plus-square-foot building at 1219 State St. on the market for almost $5.5 million, in hopes that it could use the proceeds to pay down at least two loans.
• Ocean View Townhomes, a 52-unit apartment complex located at 3060 & 3074 Channel Drive in Ventura, closed escrow on June 30. The property sold for nearly $11.3 million or about $216,346 per unit.
The complex is a mix of one- and two-bedroom apartments. The property is within walking distance to the beach.
The seller was a local family trust. The buyer was a private investor looking to roll the proceeds from the sale of another property into a new investment to complete a 1031 exchange. The buyer’s relinquished property was a land investment in northern California. Brian Barrios, an apartment broker with Cooperation Capital Group, represented both the buyer and the seller in the transaction.
• Huasna Development Co., which recently purchased The Oak Park Professional Center in Arroyo Grande, completed its first lease as the new owner of the property.
The company signed Fluor Industries, a multinational engineering, procurement, construction and maintenance company, to an 8,000-square-foot lease at the 27,000-square foot office complex.
Terms of the deal weren’t disclosed.
Fluor, which has a new five-year operations and maintenance contract with Pacific Gas and Electric Co. to serve as an integrated services supplier for the two-unit Diablo Canyon Power Plant in Avila Beach, decided to establish a base office in Arroyo Grande.
The Oak Park Professional Center was previously occupied by a regional bank as a single tenant for administrative support services.
Marty Indvik of Lee and Associates represented both parties in the transactions.
• Contact Elijah Brumback at [email protected]